Reliance, Carrizo Oil Exit PA Shale Asset

Posted by Joseph KeefeOctober 6, 2017

Indian oil-to-telecoms conglomerate Reliance Industries Ltd signed a deal to exit a U.S. shale asset, a move that marks the end of its seven years of investment which slumped into losses due to the global oil price downturn.

Houston-based Carrizo Oil & Gas Inc, the operator of the Marcellus shale in north-eastern and central Pennsylvania, also exited its investment, Reliance said in a statement on Friday. http://bit.ly/2xYqxGS